Türkiye's competition watchdog on Wednesday announced it had levied an administrative fine of TL 628.3 million ($23.25 million) on four major electronics and white goods companies.

This penalty was imposed due to the company's infringement of competition protection law, the Competition Authority (RK) said.

The fines came following investigations aimed at establishing violations by these companies for setting resale prices, the authority said in a statement on its website.

Considering the evidence gathered, statements made at the written and verbal defense meeting, and the scope of the file examined, the board evaluated that Arçelik Pazarlama had violated the competition law, thereby leading to an imposition of a TL 365.3 million fine.

The authority also imposed TL 227.1 million fine on Samsung Electronics Istanbul Marketing and Trade Limited Company, TL 1.9 million fine on SVS Durable Consumer Goods Marketing and Trade Limited Company, and TL 33.8 million on LG Electronics Ticaret Inc.